Genel Energy Raises Capricorn Energy Bid to $436 Million

Genel Energy increased its takeover bid for Capricorn Energy to approximately $436 million, escalating a bidding war with Norwegian producer DNO. The revised offer provides Capricorn shareholders $5.74 per share, comprising $4.75 in cash and a $0.99 special dividend. This price represents a 10% increase over the previous offer from DNO and a 63% premium over Capricorn's share price before the takeover process began.

In response to the higher offer, the board of Capricorn Energy withdrew its support for DNO and returned its recommendation to Genel Energy. The acquisition would expand Genel's footprint into Egypt, where Capricorn holds significant onshore assets in the Western Desert.

Genel Energy plans to fund the acquisition using existing resources and a bridge facility increased to $160 million. While the Egyptian Competition Authority approved the deal on September 7, one final Egyptian government condition remains. The companies expect to complete the acquisition in the fourth quarter of 2026.